Canoo (NASDAQ:GOEV) Trading Down 3.7%

Shares of Canoo Inc. (NASDAQ:GOEV) traded down 3.7% during trading on Friday . The company traded as low as $2.83 and last traded at $2.89. 1,511,306 shares were traded during trading, a decline of 80% from the average session volume of 7,643,142 shares. The stock had previously closed at $3.00.

Analyst Ratings Changes

A number of research firms have recently issued reports on GOEV. Stifel Nicolaus reduced their price target on shares of Canoo from $34.50 to $17.25 and set a “buy” rating for the company in a research report on Tuesday, January 23rd. Benchmark began coverage on shares of Canoo in a research report on Wednesday. They issued a “buy” rating for the company. Wedbush initiated coverage on shares of Canoo in a research report on Friday, January 5th. They issued an “outperform” rating and a $92.00 price target for the company. Finally, Alliance Global Partners lowered their price target on Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a report on Friday, March 15th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $49.19.

Canoo Price Performance

The firm has a fifty day simple moving average of $2.76 and a 200 day simple moving average of $4.90. The company has a market cap of $177.74 million, a price-to-earnings ratio of -0.21 and a beta of 1.23.

Institutional Investors Weigh In On Canoo

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. grew its stake in shares of Canoo by 32.9% in the second quarter. Principal Financial Group Inc. now owns 17,951 shares of the company’s stock worth $33,000 after acquiring an additional 4,448 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Canoo by 4.6% in the second quarter. Rhumbline Advisers now owns 126,937 shares of the company’s stock worth $235,000 after acquiring an additional 5,592 shares during the last quarter. Advisor Group Holdings Inc. grew its stake in shares of Canoo by 23.0% in the first quarter. Advisor Group Holdings Inc. now owns 40,363 shares of the company’s stock worth $223,000 after acquiring an additional 7,544 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Canoo by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 386,691 shares of the company’s stock worth $2,135,000 after purchasing an additional 8,479 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Canoo by 11.2% in the second quarter. JPMorgan Chase & Co. now owns 116,606 shares of the company’s stock worth $216,000 after purchasing an additional 11,746 shares during the period. Institutional investors and hedge funds own 36.23% of the company’s stock.

Canoo Company Profile

Canoo Inc, a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers lifestyle delivery vehicles, lifestyle vehicles, multi-purpose delivery vehicles, and pickups. It also provides multi-purpose platform architecture is a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an EV.